#BIG BUSINESS TWITTER FREE#

In a news release, Twitter said that its board of directors вЂњwill carefully review the proposal to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders.вЂќ Musk was himself supposed to join the board earlier this month but ultimately declined the offer, which would have obligated him to keep his ownership of the company below 15%.

#BIG BUSINESS TWITTER FREE#

Technology and the Internet What would free speech look like on Elon MuskвЂ™s Twitter?ДЄfter acquiring a 9% stake in Twitter, Elon Musk questioned free speech on the platform and asks whether it is undermining democracy. But given that Twitter has traded at a 52-week high of $73, it was far from the kind of offer the companyвЂ™s board would be hard-pressed to refuse, analysts say. Musk opened negotiations by saying his offer was nonnegotiable it would pay shareholders a tidy 18% premium over the current price.

Within hours, the social media serviceвЂ™s board was reportedly mulling over strategies for holding him off, Wall Street was behaving as if the bid was another one of MuskвЂ™s jokes, and Musk himself was acknowledging that it might not happen - even while leaning on the board to take his offer straight to a shareholdersвЂ™ vote. вЂњTwitter needs to be transformed as a private company,вЂќ he wrote in a letter to Bret Taylor, chair of its board of directors. It was a plan to buy Twitter, MuskвЂ™s favorite megaphone and time-waster and, according to him, a public square of vital importance to democracy.Д®arly Thursday, the Tesla and SpaceX chief executive notified the Securities and Exchange Commission of a bid to buy all of Twitter for $54.20 a share, or $43 billion. Only this time, it wasnвЂ™t a self-driving taxi or domestic robot or electric truck the worldвЂ™s richest man was touting. It was a classic Elon Musk move: announce a new offering that would radically transform the technology landscape, flog it onstage and in social media posts, only for it to turn out that the offering in question was nowhere close to market-ready.

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